Egypt to Boost Oil Production by 11% in 2023

Egypt to Boost Oil Production by 11% in 2023

Egypt is working to increase its oil production by 11% in 2023 to reach 650,000 barrels per day (bbl/d) from 587,000 bbl/d, according to an oil official who spoke with Asharq Business.

Egypt annually consumes around 12 million tons of diesel and about 6.7 million tons of gasoline. Any increase in its oil production means a reduction in the import bill for petroleum products at a time when the country, with a population of more than 100 million, suffers from a scarcity of foreign currency.

The expected increase in production comes with the start of operating new fields and expansions in existing fields, most of which are in the Gulf of Suez region, as well as the increase in the investments of foreign partners.

Egypt is expanding its exploration operations. Last year, it awarded eight areas for oil and gas exploration to Eni, bp Apex International, Energy Egypt, INA-Industrija nafte d.d., Enap Sipetrol, and United Energy, through a global bid.

The exploration areas proposed by Egypt included two regions in the Mediterranean Sea, four regions in the Western Desert, as well as two regions in the Gulf of Suez, with a total area of ​​about 12,300 square kilometers.

Egypt seeks to become a regional energy center through gas liquefaction and re-exporting. The country’s current total production is between 6.5 and 7 billion cubic feet of natural gas per day.

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Sarah Samir 3499 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.

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